Q: How do I know which type of mortgage is best for
A: There is no simple formula to determine the type of mortgage
that is best for you. This choice depends on a number of factors, including
your current financial picture and how long you intend to keep your
house. E-Mortgage Bankers can help you evaluate your choices and help
you make the most appropriate decision.
Q: How is an index and margin used in an ARM? TOP
A: An index is an economic indicator that lenders use to set
the interest rate for an ARM. Generally the interest rate that you pay
is a combination of the index rate and a pre-specified margin. Three
commonly used indices are the One-Year Treasury Bill, the Cost of Funds
of the 11th District Federal Home Loan Bank (COFI), and the London InterBank
Offering Rate (LIBOR).
Q: What's the difference between fixed-rate and adjustable-rate
A: With a fixed-rate mortgage, the interest rate stays the same
during the life of the loan. With an adjustable-rate mortgage (ARM),
the interest changes periodically, typically in relation to an index.
While the monthly payments that you make with a fixed-rate mortgage
are relatively stable, payments on an ARM loan will likely change. There
are advantages and disadvantages to each type of mortgage, and the best
way to select a loan product is by talking to one of our loan professionals.
How do I know how much house I can afford? TOP
A: You can usually purchase a home with a value of two or three
times your annual household income. However, the amount that you can
borrow will also depend upon your employment history, credit history,
current savings and debts, and the amount of down payment you are willing
Do I have to own a home to get a loan?
A: Yes and No. if you are looking to buy a home and would like
to qualify for our Purchase/First Mortgage loan, you do not currently
have to own a home. If you are seeking a Home Equity, Debt Consolidation
or Refinance loan, then home ownership is definitely a requirement.
Is Stella Maris Mortgage, LLC a secure environment for applying
Yes, Stella Maris Mortgage, LLC provides SSL encryption on our
online application. However, if you prefer to leave out any
personal information while filling out the application, please
feel free to do so. One of our loan professionals will contact
you to acquire the rest of the information.
had past credit problems, will I qualify for a loan? TOP
Yes! We have loan programs to fit almost any situation, regardless of
past credit problems. Bankruptcies, judgments and tax liens...etc.
the interest on my loan tax deductible?
Yes, in most cases. However, we advise you to speak to a tax accountant
regarding your specific situation.
What is a FICO Score? TOP
A: FICO scores are used by lenders to determine the amount of
credit risk is a loan. The higher your score the better terms you might
be able to obtain. Some lenders will not lend below a certain FICO (Fair
Isaac and Company) score. Named for the company that developed the credit
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